Novatek and Eni to produce hydrocarbons off Montenegro’s coast

MOSCOW, September 14. /TASS/. Subsidiaries of Russia’s largest intendent gas producer Novatek and Eni signed a concession contract with the government of Montenegro for the exploration and production of hydrocarbons for four offshore blocks in Montenegro, Novatek said in a press-release.

"Each company will participate in the concession with a 50% share, and Eni was appointed as the Operator,"according to the press release.

"Blocks 4118-4, 4118-5, 4118-9 and 4118-10, comprising a total area of approximately 1,200 square kilometers, are located in the territorial waters of Montenegro," the company said.

In 2014, Novatek jointly with Eni submitted a bid for the four offshore blocks with the government of Montenegro selected the consortium as the best bidder and passed the concession proposal to the Parliament in 2015. In June 2016, the parliament of Montenegro resolved on concluding the concession contract with Novatek and Eni, the company said.